LHN Limited posted adjusted profit before taxation of S$45.7 million for the financial year ended 30 September 2025, up 33.4% year-on-year, as new earnings from its property development arm and a stronger showing in facilities management more than offset weaker fair-value gains on investment properties.
The Singapore-headquartered space-optimisation specialist generated revenue of S$131.5 million, an 8.6% increase from a year earlier. Net profit attributable to shareholders, however, fell 57.6% to S$20.1 million after recognising S$17.9 million in fair-value losses on investment properties, compared with a S$14.7 million gain in FY2024.
The board recommended a final dividend of one Singapore cent per share and a special dividend of two cents, subject to shareholder approval. Including the interim dividend of one cent paid earlier in the year, total dividends for FY2025 will rise to four cents, up from three cents in FY2024.
Segmentally, the Space Optimisation Business remained the largest contributor with adjusted pre-tax profit jumping 47.4% to S$46.0 million. Within this, residential co-living brand Coliwoo almost doubled its adjusted pre-tax earnings to S$27.3 million, helped by higher occupancy and the onboarding of new properties. Industrial properties recorded a 9.8% rise in adjusted pre-tax profit to S$17.8 million, while commercial properties added 68.9% to S$1.6 million.
The Property Development Business reported its first full-year revenue of S$14.1 million from the sale of seven strata-titled units at 55 Tuas South Avenue 1, delivering an adjusted pre-tax profit of S$0.3 million. Facilities Management revenue increased 5.9% to S$37.6 million, lifting adjusted pre-tax profit for the segment by 110.3% to S$4.8 million as new cleaning and car-park contracts took effect. The Energy Business contributed S$2.1 million in revenue and S$0.3 million in adjusted pre-tax profit, down from S$0.7 million a year ago.
Fair-value losses on investment properties, the absence of one-off retrofitting income recorded in the prior year, and start-up costs in newer energy ventures weighed on statutory earnings, resulting in the decline at the net-profit level.
During the year, LHN completed the spin-off and mainboard listing of its co-living arm, Coliwoo Holdings, on 6 November 2025, retaining a 65% stake after the unit raised about S$101 million. The group also withdrew its secondary listing from the Hong Kong Stock Exchange on 4 November 2025 to streamline compliance costs.
Looking ahead, management plans to expand the Coliwoo portfolio to nearly 4,000 rooms in Singapore by end-2026 and to add about 10,000 sq ft of air-conditioned storage space at 202 Kallang Bahru under the Work+Store brand. In facilities management, the group targets further contract wins after adding 14 new and eight renewed deals in the fourth quarter, while its solar-energy pipeline stands at 10.7 MW following recent contract awards.
Executive chairman Kelvin Lim said the improvement in gross margin to 57.5% underscored the resilience of LHN’s core operations and the success of its strategic initiatives. He noted that the IPO of Coliwoo created “a dedicated platform” for the co-living business and that ongoing projects in property development, facilities management and energy should continue to support sustainable growth in the next financial year.